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EURUSD: Slow recovery

2023-09-12
599
Fundamental analysis:

The EURUSD remains volatile around 1.07496. It is a difficult question whether the European Central Bank will continue to raise interest rates or suspend its record pace of raising interest rates. Since July 2022, the European Central Bank has raised interest rates from negative to 3.75%. However, it is inclined to the European Central Bank to suspend interest rate hikes, and the possibility of raising interest rates is expected to be about 40%. Expectations are also constantly changing.

Euro USD EURUSD - 4-hour K-line chart shows:



Brief technical analysis:

Looking at the 4-hour chart: The bullish momentum at the low level maintains a slow recovery trend, and bullish sentiment in the market gradually emerges. The MACD indicator is in the short area and moves up to hover below the 0 axis, and the RSI indicator is weakly consolidated above the 50 equilibrium line;

Resistance level: 1.07652 1.07817

Support level: 1.07297 1.27126

Trading strategy: Bullish above 1.07423, target 1.07652 1.07817
Alternative strategy: bearish below 1.07423, target 1.07297 1.27126

The above information is provided by special analysts and is for reference only. CM Trade does not guarantee the accuracy, timeliness and completeness of the information content, so you should not place too much reliance on the information provided. CM Trade is not a company that provides financial advice, and only provides services of the nature of execution of orders. Readers are advised to seek relevant investment advice on their own. Please see our full disclaimer.

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